Condor Hospitality Completes Sale of Its 15 Hotels Portfolio

Rhea-AI Summary

Condor Hospitality Trust, Inc. (AMEX: CDOR) has successfully completed the sale of its 15 hotels for $305 million. This transaction was part of a Hotel Purchase and Sale Agreement established on September 22, 2021, with B9 Cowboy Mezz A LLC, an affiliate of Blackstone Inc.. The hotels were located across 8 states and included brands like Hilton and Marriott. As a self-administered REIT, Condor focuses on upper midscale and upscale hotels in top Metropolitan Statistical Areas.

Positive

• Successful sale of 15 hotels for $305 million.
• Strengthened financial position through asset liquidation.
• Focus on upscale, premium-branded hotels enhances brand value.

Negative

• Reduction in asset base with the sale of 15 hotels.
• Potential short-term impact on revenue generation from hotel operations.

NORFOLK, Neb.--(BUSINESS WIRE)-- Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”), a hotel-focused real estate investment trust (“REIT”) headquartered and incorporated in the state of Maryland, today announced that it has completed the sale of the Company’s 15 hotels.

The sale of the hotels was completed pursuant to the previously announced Hotel Purchase and Sale Agreement, dated September 22, 2021, between the Company and B9 Cowboy Mezz A LLC, a Delaware limited liability company and an affiliate of Blackstone Inc. (the “Buyer”), in which the Company agreed to sell the hotels to Buyer and Buyer agreed to purchase the hotels for a purchase price of $305,000,000.

About Condor Hospitality Trust, Inc.

The Company is a self-administered REIT that has specialized in the investment and ownership of upper midscale and upscale, premium-branded, select-service, extended-stay, and limited-service hotels in the top 100 Metropolitan Statistical Areas (“MSAs”) with a particular focus on the top 20 to 60 MSAs. Prior to the sale, the Company owned 15 hotels in 8 states. The Company’s hotels were franchised by a number of the industry’s most well-regarded brand families including Hilton, Marriott, and InterContinental Hotels.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211119005737/en/

Jill Burger

Interim Chief Financial Officer & Chief Accounting Officer

jburger@trustcondor.com

(402) 371-2520

Source: Condor Hospitality Trust, Inc.

FAQ

What was the sale price of the hotels sold by Condor Hospitality Trust?

Condor Hospitality Trust sold its 15 hotels for $305 million.

Who purchased the hotels from Condor Hospitality Trust?

The hotels were purchased by B9 Cowboy Mezz A LLC, an affiliate of Blackstone Inc.

When was the hotel sale agreement signed?

The Hotel Purchase and Sale Agreement was signed on September 22, 2021.

How many hotels did Condor Hospitality Trust sell?

Condor Hospitality Trust sold a total of 15 hotels.

What is the stock symbol for Condor Hospitality Trust?

The stock symbol for Condor Hospitality Trust is CDOR.